New York State's College Choice Tuition Savings Program, Albany, hired TIAA-CREF to manage a new pre-paid college tuition program.
State Comptroller H. Carl McCall and the New York State Higher Education Services Corp. will administer the plan, which is expected to bring in 50,000 accounts with $135 million in investable assets in the first year. The program could eventually reach $1.5 billion in assets, said Robert J. Maurer, president of New York State Higher Education Services.
The program will invest in a mix of equities, bonds and money market instruments. Allocations will be weighted based on beneficiaries' ages.